Coinbase Global (NASDAQ:COIN) Stock Rating Reaffirmed by HC Wainwright

Coinbase Global (NASDAQ:COIN)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $295.00 price target on the cryptocurrency exchange’s stock. HC Wainwright’s price target indicates a potential upside of 32.97% from the stock’s current price.

Several other equities research analysts have also recently weighed in on COIN. Bank of America reduced their price objective on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. JMP Securities reissued a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research note on Wednesday, October 9th. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and upped their target price for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research note on Friday, August 2nd. Finally, The Goldman Sachs Group cut their target price on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $242.94.

Coinbase Global Price Performance

Shares of NASDAQ:COIN traded up $5.75 during mid-day trading on Tuesday, reaching $221.85. The stock had a trading volume of 8,023,432 shares, compared to its average volume of 10,376,696. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The company has a market cap of $54.48 billion, a P/E ratio of 44.28 and a beta of 3.35. Coinbase Global has a 1 year low of $71.88 and a 1 year high of $283.48. The business’s 50 day moving average price is $181.38 and its 200 day moving average price is $209.38.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the firm earned ($0.42) earnings per share. The company’s revenue was up 104.8% compared to the same quarter last year. Research analysts expect that Coinbase Global will post 3.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Gokul Rajaram sold 400 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total transaction of $81,776.00. Following the completion of the sale, the director now owns 7,771 shares in the company, valued at approximately $1,588,703.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Gokul Rajaram sold 400 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total transaction of $81,776.00. Following the completion of the sale, the director now owns 7,771 shares in the company, valued at approximately $1,588,703.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Grewal sold 16,962 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $206.96, for a total value of $3,510,455.52. Following the sale, the insider now owns 75,556 shares of the company’s stock, valued at approximately $15,637,069.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,187 shares of company stock worth $13,158,294 over the last 90 days. Company insiders own 23.43% of the company’s stock.

Hedge Funds Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Crewe Advisors LLC raised its stake in Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after acquiring an additional 104 shares during the last quarter. Lynx Investment Advisory acquired a new stake in Coinbase Global during the 2nd quarter worth about $29,000. Geneos Wealth Management Inc. grew its position in Coinbase Global by 833.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 100 shares during the period. Versant Capital Management Inc grew its position in Coinbase Global by 75.0% during the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 57 shares during the period. Finally, ORG Wealth Partners LLC acquired a new stake in Coinbase Global during the 3rd quarter worth about $32,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

About Coinbase Global

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.